The Philippines’ SEC has given incumbent PLDT the green light for its two-tranche bond issue, which could see it raise up to PhP15bn (US$332m).
The offering consists of PhP10bn (US$221.8m), split between seven-year bonds with a coupon rate of 5.225%…
The Philippines’ SEC has given incumbent PLDT the green light for its two-tranche bond issue, which could see it raise up to PhP15bn (US$332m).
The offering consists of PhP10bn (US$221.8m), split between seven-year bonds with a coupon rate of 5.225% per annum, and 10-year bonds with a coupon rate of 5.2813%. There is also an option for oversubscription of up to PhP5bn (US$110.4m).
Proceeds from the sale will go towards PLDT’s capex needs and refinancing its existing debt.
First Metro Investment Corp is coordinator for the transaction. It also served as joint lead underwriter and joint bookrunner alongside BDO Capital, BPI Capital and HSBC.
The bonds were rated AAA by Credit Rating and Investors Services Philippines, which cited PLDT’s “strong historical financial performance”.
